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Course Details

Course Information
  • smart_display Format

    On-Demand

  • signal_cellular_alt Difficulty Level

    Intermediate

  • work Practice Area

    ERISA

Date & Time
  • event Date

    Tuesday, April 1, 2025

  • schedule Time

    1:00 p.m. ET./10:00 a.m. PT

  • timer Program Length

    90 minutes

Credit Information

  • This 90-minute webinar is eligible in most states for 1.5 CLE credits.

$347.00
CLE
ALL

This CLE webinar will provide guidance to ERISA counsel, plan sponsors, and administrators on key problem areas identified by the IRS and DOL in audits and methods to ensure compliance. The panel will discuss missing participants, late payroll deposits, missed employee communications, and other DOL areas of focus during an audit. The panel will also discuss the most significant areas of focus during an IRS audit such as definitions of compensation, distributions, employee eligibility requirements, properly updated plan documents, and other key issues.

Faculty

Carol I. Buckmann
Partner
Cohen & Buckmann, PC

Ms. Buckmann has advised global employers on U.S. and cross-border employee benefit matters for over 35 years. She focuses her practice on employee benefits and ERISA, dealing with some of the foremost issues in ERISA, including pension plan compliance, fiduciary responsibilities and investment fund formation. She has significant experience with complex pension law and fiduciary problems. 

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Gretchen Harders
Miscellaneous

Description

The IRS and DOL continue their heightened scrutiny of retirement plans. Plan audits typically reveal noncompliance issues that can result in substantial penalties for employers. ERISA counsel and advisers must understand IRS and DOL audit initiatives and areas of focus and take steps to remedy noncompliance.

Major compliance risks stem from the failure to recognize plan document defects, which is one of many areas of focus during an IRS audit of a retirement plan. In addition, the DOL has focused, and continues to focus, on timely deposits of employee deferral contributions--so much so, that some employers deposit the deferral contributions before paychecks are issued.

Compliance risks include, among others, failing to notify and pay terminated employees, not updating plans with the latest ERISA requirements, plan loan failures, and using improper amounts to determine employee compensation. Companies risk exposure to government penalties and sanctions ranging from monetary penalties to the disallowance of employer contributions and plan disqualification.

Listen as our panel of experts discusses current areas of IRS and DOL focus, correcting areas of noncompliance, and mitigating audit risks.

Outline

  1. Recent IRS and DOL retirement plan audit initiatives
  2. Recognizing plan document defects
  3. Remedying compliance issues to avoid liability and penalties
  4. Effective administrative procedures and corrective actions
  5. Best practices to ensure compliance

Benefits

The panel will review these and other key issues:

  • Identifying current areas of IRS and DOL focus
  • Recognizing plan document defects
  • Addressing and correcting areas of noncompliance
  • Determining employee eligibility and compensation
  • Making timely payments of deferral contributions
  • Updating plans to meet ERISA requirements
  • Cybersecurity
  • The importance of self-audits and other ways to minimize audit risks